Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following in the Balance Sheet of A and B who share profits in the ratio of 32. Balance Sheet of A and B as on

image text in transcribed
image text in transcribed
Following in the Balance Sheet of A and B who share profits in the ratio of 32. Balance Sheet of A and B as on April 1, 2020 Liabilities Amount (OMR) Assets Amount (OMR) Sundry creditors 20,000 Cash in hand 13,000 Capitals 70,000 Debtors 22,000 50,000 B 20,000 Stock 15,000 Fumiture 20,000 Plant & Machinery 20,000 90,000 90,000 a. The value of plant and machinery is appreciated by 20% A provision for doubtful debts is to be created on sundry debtors at 15%. b. 1. Pass the journal entry to record the appreciation of plant and machinery in Revaluation account: a PRO TOSHIBA 2. Pass the journal entry to record the provision for doubtful debts in Revaluation account. 3.The balance of revaluation account will be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

4th Edition

0730382648, 978-0730382645

More Books

Students also viewed these Accounting questions